Marco Capital Holdings has closed the acquisition of Inceptum Insurance coverage Firm, a UK non-life insurance coverage firm in run-off, from R&Q Insurance coverage Holdings.
Introduced this June, the deal was accomplished after the receipt of all essential regulatory approvals.
The deal consideration was £11.25m ($14.28m) in money, with the transaction set to bolster R&Q’s liquidity by almost £13m.
R&Q, a specialist within the non-life insurance coverage sector that operates in programme administration and legacy insurance coverage providers, acquired Inceptum in 2020.
Inceptum had been a part of HSBC Insurance coverage (UK) till 2011 and entered run-off in 2009. Its claims portfolio is principally centered on motor and UK Employers’ Legal responsibility.
As of 31 December 2023, Inceptum reported internet property of £19m but additionally disclosed a lack of £2m for the 12 months.
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The sale follows R&Q’s software for liquidation in Bermuda, a transfer that’s anticipated to expedite the closure of its programme administration enterprise sale to Onex.
The board of R&Q has expressed that this path will possible present the beneficial final result for its stakeholders.
Marco Capital CEO Simon Minshall stated: “The acquisition of Inceptum, an organization itself in run-off, by Marco brings monetary and operational stability to a posh and difficult scenario for the good thing about all stakeholders. Executing a deal in such a posh scenario is an instance the place Marco’s technical expertise, expertise, observe file and excellent status are important.”
